5 Phases of a New Car Insurance Policy Journey

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There is more to online Car Insurance than merely pressing a button. Finding the ideal coverage for your specific needs involves several steps. To simplify the process, we've broken down the major phases of purchasing Car Insurance into straightforward steps. Keep reading to learn how to manage this process easily!

seps involved in the new car insurance policy process

Phase 1: Research and Comparison of Car Insurance Policies

Step 1: Understand the types of coverage

Before evaluating particular options, it is critical to understand the different kinds of insurance coverage available. You will have to decide between comprehensive coverage and third-party insurance. Since comprehensive coverage shields you from third-party liability in addition to covering theft, fire, accidents, and natural disasters, it is recommended for a new Car Insurance Policy.

Step 2: Compare multiple policies online

Comparison websites are the simplest method to get Car Insurance online. These let you compare different policies, including coverage, premiums, and add-ons. Look for features that provide extra security for your new car, such as engine protection or zero depreciation coverage, when purchasing new Car Insurance.

Step 3: Check insurer reviews and reputation

Read reviews and testimonials about the insurers you’re considering. For a smooth Car Insurance process, choose a provider with good customer service and a history of handling claims efficiently. Online reviews, ratings, and feedback can give you insight into an insurer’s reliability.

Phase 2: Purchase and Onboarding of Your Car Insurance Policy

Step 1: Choose your coverage and add-ons

Once you’ve compared policies, it’s time to select the one that meets your needs. When purchasing insurance for a brand-new car, it is better to select comprehensive coverage, as it will cover all potential dangers related to the car's new condition.

Step 2: Provide the necessary documents

Following the selection of your policy, you will need to provide documentation such as proof of address, proof of identification, and a Registration Certificate (RC). To validate the car's IDV, your insurer could also ask for a copy of the manufacturer's invoice for new Car Insurance coverage.

Step 3: Make the payment and finalise your policy

After all information has been submitted, you can pay. Many insurance providers let you purchase Car Insurance online using an array of payment options, such as UPI, credit/debit cards, and net banking. Following payment, you will receive an electronic copy of your insurance documents, which you may download and save for future use.

Phase 3: Understanding Your Car Insurance Coverage

Step 1: Review your policy document

The terms, exclusions, and details of coverage will be specified in your policy documents. Make sure your policy includes full market value coverage for your car, which is typically the case for new vehicles.

Step 2: Understand deductibles and exclusions

A deductible is the amount you must pay out of pocket before the insurance company pays the remainder of the cost after making a claim on your policy. This amount should be clear to you, particularly if you are purchasing new Car Insurance. To find out what isn't covered, carefully study the exclusions in your policy as well.

Step 3: Confirm add-ons and additional coverage

Go over any add-ons you have selected, such as roadside assistance or 0% depreciation. These optional extras, which cover risks that are not included by the base policy, can help fortify your new Car Insurance coverage.

Phase 4: Making Claims During the Policy Period

Step 1: Report the incident immediately

If your car is involved in an accident or suffers damage to your vehicle, notify your insurance as soon as possible. Timely reporting guarantees that you don't skip important steps in the claim process for new Car Insurance Plans. If required, your insurer will assist you in completing the next steps, which may include submitting an FIR.

Step 2: Submit the required documents and evidence

After an incident occurs, gather all essential documentation. This includes items like photographs of any damage, a cost estimate for repairs, and the FIR if there has been theft or if someone else is implicated. You can usually submit these documents online, which can significantly speed up the claims process.

Step 3: Get your car repaired

Depending on your coverage, you may be able to have your car fixed at one of the insurer's network garages or receive reimbursement for the repairs. Due to the higher IDV of the vehicle, new Car Insurance Plans can sometimes offer faster payouts.

Step 4: Monitor your claim’s progress

Stay in touch with your insurer to ensure your claim is progressing smoothly. If there’s any delay or additional information needed, your insurer will let you know. The goal is to minimise downtime and get your new car back on the road as quickly as possible.

Phase 5: Renewal and Policy Adjustments

Step 1: Review your policy before renewal

Evaluate your existing policy as its renewal date approaches to make sure it still suits your needs. If your new car is reaching the end of its first year, look for fluctuations in premium rates resulting from adding a No Claim Bonus (NCB) or modifications to coverage.

Step 2: Make adjustments to coverage

If your car is a year or older, you should consider adjusting your coverage, especially when depreciation is taken into account. To lower the premium, you can raise your deductible or add or remove optional add-ons.

Step 3: Renew your policy online

Most insurers offer a quick online Car Insurance renewal process. Log in to your account, review your details, and make any necessary adjustments before confirming your renewal. The policy renewal process is often seamless, allowing you to continue being covered by your insurance policy without any interruptions.

Summing up

It is quite easy to navigate the process of buying and maintaining a new Car Insurance Policy once you are aware of the key phases involved. From research and purchasing to claims and renewals, each step ensures that your vehicle is covered against unforeseen events. Whether you’re insuring a new car or renewing an existing policy, it’s always a good idea to buy Car Insurance online to make the process more convenient.

If you’re looking for an insurer that makes everything easy, Shriram General Insurance offers affordable new Car Insurance Policies, quick claims, and the option to buy Car Insurance online. Our online Car Insurance renewal system ensures that your coverage is always up-to-date, giving you peace of mind on the road.

FAQs

1. How do I buy Car Insurance online for my new car?

Visit the insurer’s website, select the type of coverage, submit the necessary documents, and make the payment. The entire process can be completed online.

2. What is covered under new Car Insurance Policies in India?

Comprehensive coverage for new Car Insurance Policies generally includes accidents, theft, fire, natural disasters, and third-party liability protection.